operations. To this end, we propose a novel risk measurement framework to empirically study the time-variation in central bank …We address the question to what extent a central bank can de-risk its balance sheet by unconventional monetary policy … generated beneficial risk spill-overs across monetary policy operations, causing overall risk to be nonlinear in exposures. Some …

incorporates this risk. -- Optimal monetary policy ; model uncertainty ; Bayesian model estimation …In this paper we propose a novel methodology to analyze optimal policies under model uncertainty in micro …-founded macroeconomic models. As an application we assess the relevant sources of uncertainty for the optimal conduct of monetary policy …